Citrix Q1 revenue, net income fall - South Florida Business Journal:

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Net income fell to $7 million, or 4 centd a share, from $34 million, or 18 cents a in the first quarterof 2008. The Fort Lauderdale-basef software maker (NASDAQ: CTXS) took variouas charges, including a $21 million charge for After these items, revenue was $59 million, or 32 centes a share, down from $66 million, or 35 centsx a share, in the comparable periox last year. Analysts had predicted the company woulrd have revenue of 31 centsa share. "I’m pleased with our Q1 execution in the toughest macroenvironment we’v seen in years," President and CEO Mark Templeto n said. "Smaller IT budgets are the new reality.
We believse this makes our enterpriseand [softwars as a service] products even more compelling becauser they lower IT costs while offeringf much-needed business flexibility." While the companyh slightly exceeded Wall Street’s revenue and earnings still fell from the fourth when 2008 was a year of continuouse growth, said Stephen Dunn, a technologu analyst with in Boca Raton. Still, the news is positive on “I think it mirrors the broadertech companies, whicn were not expected to do well in the firstr quarter, but didn’t do as badly as everyone expected,” Dunn “So, it’s certainly a plus.
” Dunn pointed to the fact that the company is predicting revenue will be flat in 2009. With anotherd year-over-year loss predicted for the seconc quarter, the company is banking on a big recovery in the last six monthx ofthe year. Companies have put off IT spendingb and, Citrix stands to benefit when thosd projectsget funding, he added. it’s more a function of when the deferred projects come backon line,” Dunn said. In addition to quarterly financial results, Citrix said its board of director s has authorized it to repurchase up to anadditionakl $300 million of its commoh stock. As of March 31, abourt $50 million remained in authority frompreviousx approvals.
Product license revenue decreased 24 Online services revenue grew16 percent. Technicap services revenue, which comprises consulting, education and technical support, grew 8 percent. On April 23, UBS downgradec Citrix from “neutral” to “sell,” notingb that competitive pressures will limitthe company’zs ability to expand its margins. Shares closerd Wednesday at $26.10. The 52-week high was $36.2 on May 15. The 52-week low was $19 on Oct. 10.